This excerpt taken from the TEVA 20-F filed Mar 17, 2005.
Since Tevas results are reported in U.S. dollars, changes in the rates of exchange between the U.S. dollar and the local currencies in the major markets outside the United States in which it operates affect Tevas results. In 2004, the European currencies continued to increase in value relative to the dollar, with the Euro being revalued during the year by 10%, the Hungarian Forint by 13%, the Pound Sterling by 7% and the Canadian dollar by 7%. In Israel, the New Israel Shekel (NIS) strengthened in value relative to the U.S. dollar by 2% during 2004.
The strengthening of currencies relative to the U.S. dollar accounted for approximately $100 million of the year-over-year growth of $1.5 billion in net sales in 2004, but, as explained more fully below, had an insignificant effect on net income.